The 10 most important things in the world right now

Prince Philip, Duke of Edinburgh, in his role as Captain General, Royal Marines, attends a Parade to mark the finale of the 1664 Global Challenge on the Buckingham Palace Forecourt in central London on August 2, 2017. It was the 96-year-old husband of Queen Elizabeth II’s final solo public engagement before retiring from a lifetime of service. He met members of the Royal Marines and veterans before taking the salute in the forecourt of Buckingham Palace. Photo: Yui Mok/AFP/Getty Images

7. A new tax appears to have slammed the brakes on India’s economy. The government introduced a goods and services tax on July 1, with taxes of up to 28% on some consumer goods. The nation’s PMI reading – a leading indicator of economic activity and based on a survey of purchasing managers, collapsed to its lowest level in four years.

8. China’s border dispute with India just got a little clearer. Beijing offered a position paper, calling on New Delhi to “unconditionally and immediately” withdraw its forces from the Doklam plateau where the southern end of Tibet meets Bhutan in the east and Sikkim in India in the west. The paper is regarded as a signal that China wants to end the stand-off, before the leaders of the two nations meet in Xiamen next month.

10. Australia’s biggest bank is being taken to court for breaching money laundering laws. The government’s financial intelligence and regulatory agency launched civil action alleging the Commonwealth Bank of Australia breached the financing laws more than 53,000 times involving combined cash deposits of $AU624.7 million between 2012 and 2015. One crime syndicate allegedly deposited $AU27.2 million in an account, which was immediately transferred offshore.